Petrobras (NYSE:PBR) has made yet another deepwater hydrocarbon discovery in the Campos Basin offshore Brazil, marking another win in its strategy to replenish reserves. The discovery was made  within Block C-M-477, roughly 200 kilometers off the coast of Rio de Janeiro state. Petrobras operates the block with a 70% working interest, alongside BP Plc. (NYSE:BP), which holds the remaining 30%.  Last week, Petrobras signed a $450 million deal with Petronas Petróleo Brasil to acquire the remaining 50% stake in the Tartaruga Verde…

Rachel Reeves’ flagship wealth fund has announced a fresh heap of financing for Rolls-Royce SMR following its tie-up with Ed Miliband’s state-owned energy company. The National Wealth Fund has revealed a £599m financing package for Rolls-Royce Small Modular Reactors (SMR) in a bid to kick start delivery on its project with Great British Energy. The partnership will see the creation of the UK’s first small modular reactors as part of the government’s drive for clean energy. Small modular reactors are designed to produce…

UK-based supermajor BP has agreed to buy 60% in three offshore exploration blocks in Namibia as part of its ongoing strategy to grow its upstream portfolio. The company will buy from Canada-based Eco Atlantic Oil & Gas a majority 60% stake in each of the PEL97, PEL99, and PEL100 exploration blocks offshore Namibia, one of the world's most sought-after exploration sites in recent years. Subject to approvals by the Namibian government, the UK supermajor will become the operator of the three blocks in the Walvis Basin offshore Namibia, while Eco…

UK-based supermajor BP has agreed to buy 60% in three offshore exploration blocks in Namibia as part of its ongoing strategy to grow its upstream portfolio. The company will buy from Canada-based Eco Atlantic Oil & Gas a majority 60% stake in each of the PEL97, PEL99, and PEL100 exploration blocks offshore Namibia, one of the world's most sought-after exploration sites in recent years. Subject to approvals by the Namibian government, the UK supermajor will become the operator of the three blocks in the Walvis Basin offshore Namibia, while Eco…

Being irreverently British, the first thing that sprang to mind when I heard the 7 April ceasefire announcement between the U.S. and Iran was lettuce. Specifically, the 2022 moment when The Daily Star newspaper ran a 24/7 livestream of a supermarket lettuce next to a framed photo of newly?installed Prime Minister Liz Truss to monitor whether the lettuce would last longer than Truss’s premiership. The lettuce won after forty-nine days. In the case of the U.S.-Iran ceasefire — which is technically still in effect, despite the collapse…

The European Commission is preparing to adopt next week a policy paper to recommend lowering energy taxes and grid charges as the EU looks to reduce the impact of the Hormuz crisis on households and industry, sources familiar with the plan told Bloomberg on Monday. Various EU member states have already taken steps to support households and businesses in uncoordinated national measures to blunt the impact of the second major energy crisis in four years. Now the Commission is set to adopt on April 22 a policy paper that would outline recommendations…

A priest, an engineer, and an economist are stranded on a desert island. The first order of business is to get some food. The priest suggests that they all pray. The practical-minded engineer suggests that the three men make a net to catch some fish. But where will they find the necessary materials? The priest and the engineer turn to the economist and ask him if he has any ideas. The economist replies, "Assume a fish." This well-worn economist joke summarizes one of the chief flaws in contemporary economic theory. That theory almost completely…

Oil prices jumped more than 7% back above $100 a barrel as the U.S. moved to block ships sailing through the Strait of Hormuz in a bid to throttle Iran's oil exports. Brent crude for June delivery was up 7.1% to trade at $101.64 per barrel at 8.05 am ET on Monday, while WTI crude for May delivery soared 7.3% to trade at $103.66 per barrel. Following the collapse of peace negotiations in Islamabad, Pakistan, President Donald Trump announced on Sunday that the U.S. navy would begin a blockade of the Strait of Hormuz, with enforcement set to officially…

Oil prices jumped more than 7% back above $100 a barrel as the U.S. moved to block ships sailing through the Strait of Hormuz in a bid to throttle Iran's oil exports. Brent crude for June delivery was up 7.1% to trade at $101.64 per barrel at 8.05 am ET on Monday, while WTI crude for May delivery soared 7.3% to trade at $103.66 per barrel. Following the collapse of peace negotiations in Islamabad, Pakistan, President Donald Trump announced on Sunday that the U.S. navy would begin a blockade of the Strait of Hormuz, with enforcement set to officially…

Oil prices surged back above $100 a barrel in early Asian trade following the collapse of U.S.-Iran negotiations and Trump's announcement that the U.S. would blockade the Strait of Hormuz. At the time of writing, West Texas Intermediate was trading at $105.30 per barrel, up 9.04%, while Brent had risen 8.55% to trade at $103.30. Both benchmarks remain roughly $10 below last week's peaks before the ceasefire was announced and prices tumbled. While the failure of negotiations in Pakistan over the weekend is helping to push crude prices higher, it…

Oil prices surged back above $100 a barrel in early Asian trade following the collapse of U.S.-Iran negotiations and Trump's announcement that the U.S. would blockade the Strait of Hormuz. At the time of writing, West Texas Intermediate was trading at $105.30 per barrel, up 9.04%, while Brent had risen 8.55% to trade at $103.30. Both benchmarks remain roughly $10 below last week's peaks before the ceasefire was announced and prices tumbled. While the failure of negotiations in Pakistan over the weekend is helping to push crude prices higher, it…

The war in the Middle East has hurt the global LNG industry and promoted a supply chain crisis that will leave global scars. The warning comes from the head of the International Gas Union and points to extended disruption in the supply of the most flexible form of natural gas. Just a year ago, even a few months ago, there were warnings of an LNG glut that was going to pressure prices around the world, especially as U.S. energy companies rushed to build new export capacity. Then the U.S. and Israel bombed Iran’s energy infrastructure, and…